AK SB103

Removes language that net income of the fund includes income of the earnings reserve account and eliminates the 21 percent distribution formula for available income.

Changes the appropriation amount from the earnings reserve account to 5.25 percent of the average market value of the fund for the first five of the preceding six fiscal years, with a cap at the earnings reserve account balance.

Shifts appropriation authority from automatic corporation transfers to legislative discretion, allowing the legislature to appropriate amounts from the earnings reserve account to the general fund and potentially to the dividend fund.

Allows the legislature to appropriate up to 50 percent of the amount available for appropriation from the general fund to the dividend fund, with the remainder available for other state spending.

Takes effect July 1, 2020, except for certain provisions related to prior legislation that take effect on the effective date of section 2, chapter 16, SLA 2018.